Yes, the rich are fleeing Illinois and they’re taking billions with them

By Mark Glennon and John Klingner:

We’re often told that Illinois is not losing its highly taxed residents. For example, a Chicago Magazine article last week had a headline saying exactly that. Don’t worry about lost income from the rich leaving, we’re supposed to believe. It’s just poorer folks fleeing.

It’s simply not true. There’s recent, hard data directly refuting that claim. If you want the best evidence, the Internal Revenue Service released its latest state-to-state migration numbers last month. Wirepoints analyzed the number of people moving into and out of Illinois and their net impact by income groups.

The data show that while lower income groups are fleeing Illinois in somewhat larger numbers, bigger earners are leaving, too. And they’re the ones who account for the overwhelming share of wealth lost by the state.

Read more: Wirepoints